Intrinsic value of Kyocera ADR - KYO

Previous Close

$64.90

  Intrinsic Value

$23.59

stock screener

  Rating & Target

str. sell

-64%

Previous close

$64.90

 
Intrinsic value

$23.59

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of KYO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 24.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.84
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  12,386
  13,364
  14,382
  15,438
  16,537
  17,678
  18,865
  20,099
  21,383
  22,719
  24,110
  25,559
  27,070
  28,645
  30,288
  32,004
  33,795
  35,666
  37,622
  39,667
  41,806
  44,043
  46,385
  48,837
  51,404
  54,093
  56,911
  59,863
  62,957
  66,200
  69,601
Variable operating expenses, $m
 
  12,515
  13,460
  14,442
  15,463
  16,523
  17,626
  18,773
  19,966
  21,207
  22,500
  23,750
  25,154
  26,618
  28,145
  29,739
  31,403
  33,142
  34,960
  36,860
  38,847
  40,926
  43,103
  45,381
  47,767
  50,265
  52,883
  55,627
  58,502
  61,516
  64,675
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,476
  12,515
  13,460
  14,442
  15,463
  16,523
  17,626
  18,773
  19,966
  21,207
  22,500
  23,750
  25,154
  26,618
  28,145
  29,739
  31,403
  33,142
  34,960
  36,860
  38,847
  40,926
  43,103
  45,381
  47,767
  50,265
  52,883
  55,627
  58,502
  61,516
  64,675
Operating income, $m
  910
  850
  922
  996
  1,074
  1,155
  1,239
  1,326
  1,417
  1,512
  1,610
  1,809
  1,916
  2,027
  2,143
  2,265
  2,392
  2,524
  2,662
  2,807
  2,958
  3,117
  3,283
  3,456
  3,638
  3,828
  4,027
  4,236
  4,455
  4,685
  4,925
EBITDA, $m
  1,584
  946
  1,018
  1,093
  1,170
  1,251
  1,335
  1,422
  1,513
  1,608
  1,706
  1,809
  1,916
  2,027
  2,143
  2,265
  2,392
  2,524
  2,662
  2,807
  2,958
  3,117
  3,283
  3,456
  3,638
  3,828
  4,027
  4,236
  4,455
  4,685
  4,925
Interest expense (income), $m
  0
  5
  23
  43
  63
  83
  105
  127
  150
  175
  200
  226
  254
  282
  312
  343
  375
  409
  444
  481
  520
  560
  603
  647
  693
  741
  792
  845
  901
  960
  1,021
Earnings before tax, $m
  1,200
  845
  898
  954
  1,012
  1,072
  1,134
  1,199
  1,266
  1,337
  1,410
  1,583
  1,662
  1,745
  1,832
  1,922
  2,016
  2,115
  2,218
  2,326
  2,439
  2,557
  2,680
  2,809
  2,945
  3,087
  3,235
  3,391
  3,554
  3,725
  3,905
Tax expense, $m
  248
  228
  243
  258
  273
  289
  306
  324
  342
  361
  381
  427
  449
  471
  495
  519
  544
  571
  599
  628
  658
  690
  724
  759
  795
  833
  873
  916
  960
  1,006
  1,054
Net income, $m
  904
  617
  656
  696
  738
  782
  828
  875
  925
  976
  1,029
  1,155
  1,213
  1,274
  1,337
  1,403
  1,472
  1,544
  1,619
  1,698
  1,780
  1,866
  1,956
  2,051
  2,150
  2,253
  2,362
  2,475
  2,594
  2,719
  2,850

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5,864
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  27,078
  22,884
  24,626
  26,436
  28,316
  30,271
  32,303
  34,416
  36,614
  38,902
  41,284
  43,766
  46,352
  49,049
  51,863
  54,801
  57,868
  61,072
  64,421
  67,923
  71,585
  75,417
  79,427
  83,625
  88,021
  92,626
  97,450
  102,505
  107,803
  113,357
  119,179
Adjusted assets (=assets-cash), $m
  21,214
  22,884
  24,626
  26,436
  28,316
  30,271
  32,303
  34,416
  36,614
  38,902
  41,284
  43,766
  46,352
  49,049
  51,863
  54,801
  57,868
  61,072
  64,421
  67,923
  71,585
  75,417
  79,427
  83,625
  88,021
  92,626
  97,450
  102,505
  107,803
  113,357
  119,179
Revenue / Adjusted assets
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
Average production assets, $m
  -192
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  9,350
  3,836
  4,127
  4,431
  4,746
  5,074
  5,414
  5,768
  6,137
  6,520
  6,920
  7,335
  7,769
  8,221
  8,693
  9,185
  9,699
  10,236
  10,798
  11,384
  11,998
  12,640
  13,313
  14,016
  14,753
  15,525
  16,333
  17,181
  18,069
  18,999
  19,975
Total debt, $m
  216
  668
  1,216
  1,786
  2,379
  2,994
  3,634
  4,300
  4,992
  5,713
  6,463
  7,245
  8,060
  8,910
  9,796
  10,721
  11,687
  12,697
  13,752
  14,855
  16,008
  17,215
  18,478
  19,801
  21,186
  22,636
  24,156
  25,748
  27,417
  29,166
  31,001
Total liabilities, $m
  6,758
  7,209
  7,757
  8,327
  8,920
  9,535
  10,175
  10,841
  11,533
  12,254
  13,004
  13,786
  14,601
  15,451
  16,337
  17,262
  18,228
  19,238
  20,293
  21,396
  22,549
  23,756
  25,019
  26,342
  27,727
  29,177
  30,697
  32,289
  33,958
  35,707
  37,542
Total equity, $m
  20,321
  15,676
  16,869
  18,108
  19,397
  20,736
  22,127
  23,575
  25,081
  26,648
  28,279
  29,979
  31,751
  33,599
  35,526
  37,538
  39,639
  41,834
  44,129
  46,527
  49,036
  51,660
  54,407
  57,283
  60,294
  63,449
  66,753
  70,216
  73,845
  77,649
  81,638
Total liabilities and equity, $m
  27,079
  22,885
  24,626
  26,435
  28,317
  30,271
  32,302
  34,416
  36,614
  38,902
  41,283
  43,765
  46,352
  49,050
  51,863
  54,800
  57,867
  61,072
  64,422
  67,923
  71,585
  75,416
  79,426
  83,625
  88,021
  92,626
  97,450
  102,505
  107,803
  113,356
  119,180
Debt-to-equity ratio
  0.011
  0.040
  0.070
  0.100
  0.120
  0.140
  0.160
  0.180
  0.200
  0.210
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.682
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  904
  617
  656
  696
  738
  782
  828
  875
  925
  976
  1,029
  1,155
  1,213
  1,274
  1,337
  1,403
  1,472
  1,544
  1,619
  1,698
  1,780
  1,866
  1,956
  2,051
  2,150
  2,253
  2,362
  2,475
  2,594
  2,719
  2,850
Depreciation, amort., depletion, $m
  674
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,196
  713
  752
  792
  835
  878
  924
  971
  1,021
  1,072
  1,126
  1,155
  1,213
  1,274
  1,337
  1,403
  1,472
  1,544
  1,619
  1,698
  1,780
  1,866
  1,956
  2,051
  2,150
  2,253
  2,362
  2,475
  2,594
  2,719
  2,850
Change in working capital, $m
  -234
  281
  292
  303
  315
  328
  341
  354
  368
  383
  399
  416
  434
  452
  472
  492
  514
  537
  561
  587
  614
  642
  672
  704
  737
  772
  809
  847
  888
  931
  976
Cash from operations, $m
  1,430
  432
  460
  489
  519
  551
  583
  617
  652
  689
  726
  739
  780
  822
  865
  911
  958
  1,007
  1,058
  1,111
  1,166
  1,224
  1,284
  1,347
  1,413
  1,481
  1,553
  1,628
  1,706
  1,789
  1,874
Maintenance CAPEX, $m
  0
  38
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -633
  -192
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -976
  -154
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  454
  279
  460
  489
  519
  551
  583
  617
  652
  689
  726
  739
  780
  822
  865
  911
  958
  1,007
  1,058
  1,111
  1,166
  1,224
  1,284
  1,347
  1,413
  1,481
  1,553
  1,628
  1,706
  1,789
  1,874
Issuance/(repayment) of debt, $m
  -53
  526
  549
  570
  592
  616
  640
  666
  692
  721
  750
  782
  815
  850
  886
  925
  966
  1,009
  1,055
  1,103
  1,154
  1,207
  1,263
  1,322
  1,385
  1,450
  1,520
  1,592
  1,669
  1,749
  1,834
Issuance/(repurchase) of shares, $m
  0
  528
  537
  543
  550
  557
  564
  572
  581
  591
  602
  545
  558
  574
  591
  609
  629
  651
  675
  701
  728
  758
  791
  825
  862
  901
  943
  987
  1,035
  1,085
  1,138
Cash from financing (excl. dividends), $m  
  -70
  1,054
  1,086
  1,113
  1,142
  1,173
  1,204
  1,238
  1,273
  1,312
  1,352
  1,327
  1,373
  1,424
  1,477
  1,534
  1,595
  1,660
  1,730
  1,804
  1,882
  1,965
  2,054
  2,147
  2,247
  2,351
  2,463
  2,579
  2,704
  2,834
  2,972
Total cash flow (excl. dividends), $m
  367
  1,333
  1,546
  1,603
  1,662
  1,723
  1,788
  1,855
  1,926
  2,001
  2,079
  2,066
  2,153
  2,245
  2,342
  2,445
  2,553
  2,667
  2,788
  2,915
  3,048
  3,189
  3,338
  3,495
  3,659
  3,833
  4,016
  4,208
  4,410
  4,623
  4,847
Retained Cash Flow (-), $m
  -435
  -1,145
  -1,193
  -1,240
  -1,288
  -1,339
  -1,392
  -1,447
  -1,506
  -1,567
  -1,632
  -1,700
  -1,772
  -1,848
  -1,928
  -2,012
  -2,101
  -2,195
  -2,294
  -2,399
  -2,509
  -2,625
  -2,747
  -2,876
  -3,011
  -3,154
  -3,305
  -3,463
  -3,629
  -3,804
  -3,989
Prev. year cash balance distribution, $m
 
  5,790
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  5,978
  353
  363
  373
  384
  396
  408
  420
  433
  447
  366
  381
  398
  415
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
  679
  711
  745
  781
  819
  858
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  5,731
  323
  316
  307
  298
  287
  275
  263
  249
  235
  174
  163
  151
  139
  127
  115
  103
  91
  79
  69
  58
  49
  41
  33
  26
  21
  16
  12
  9
  6
Current shareholders' claim on cash, %
  100
  97.1
  94.4
  91.9
  89.6
  87.5
  85.6
  83.8
  82.1
  80.5
  79.0
  77.8
  76.6
  75.4
  74.3
  73.3
  72.3
  71.3
  70.4
  69.4
  68.5
  67.7
  66.8
  66.0
  65.2
  64.4
  63.6
  62.8
  62.0
  61.3
  60.5

Kyocera Corporation is engaged in various fields, from fine ceramic components to electronic devices, equipment, services and networks. The Company operates through seven segments: Fine Ceramic Parts Group, Semiconductor Parts Group, Applied Ceramic Products Group, Electronic Device Group, Telecommunications Equipment Group, Information Equipment Group and Others. The Company's products include components for semiconductor processing equipment and flat panel display manufacturing equipment, information and telecommunication components, general industrial machinery components, sapphire substrates, automotive components, solar energy products, cutting tools, medical and dental implants, jewelry and applied ceramic related products, page printers and multifunctional products. It also offers information systems and telecommunication services, engineering business, management consulting business, materials for semiconductors, chemical materials and realty development business.

FINANCIAL RATIOS  of  Kyocera ADR (KYO)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 1.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 29.9
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 79
Current Ratio 0.3
LT Debt to Equity 0.7%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 26.2%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 7.3%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 20.7%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 38.5%

KYO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KYO stock intrinsic value calculation we used $12386 million for the last fiscal year's total revenue generated by Kyocera ADR. The default revenue input number comes from 2017 income statement of Kyocera ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KYO stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for KYO is calculated based on our internal credit rating of Kyocera ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kyocera ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KYO stock the variable cost ratio is equal to 93.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for KYO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Kyocera ADR.

Corporate tax rate of 27% is the nominal tax rate for Kyocera ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KYO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KYO are equal to 0%.

Life of production assets of 1.1 years is the average useful life of capital assets used in Kyocera ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KYO is equal to 28.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $20321 million for Kyocera ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 375.193 million for Kyocera ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kyocera ADR at the current share price and the inputted number of shares is $24.4 billion.

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COMPANY NEWS

▶ KYOCERA to Acquire Power Tool Business from RYOBI   [Oct-05-17 08:04AM  Business Wire]
▶ [$$] Corning Stock Seen Undervalued by 15%-20%   [Aug-23-17 07:49AM  Barrons.com]
▶ [$$] Wynnchurch Capital Sells Senco to Kyocera   [Aug-08-17 12:18PM  The Wall Street Journal]
▶ Kyocera posts 1Q profit   [Jul-28-17 08:05PM  Associated Press]
▶ New Strong Buy Stocks for July 5th   [Jul-05-17 10:07AM  Zacks]
▶ ETFs with exposure to Kyocera Corp. : July 3, 2017   [Jul-03-17 03:22PM  Capital Cube]
▶ [$$] Kazuo Inamori, Kyocera founder, rails against complacency   [May-28-17 05:36AM  Financial Times]
▶ KYOCERA Corporation Names Hideo Tanimoto as New President   [Feb-24-17 08:05AM  Business Wire]
▶ Kyocera posts 3Q profit   [05:01AM  AP]
▶ KYOCERA Group Consolidates Optical Components Business   [Nov-01-16 08:04AM  Business Wire]
▶ New Strong Buy Stocks for October 10th   [Oct-10-16 07:45AM  Zacks]
▶ KYOCERA Marks 10th Anniversary of "Green Curtains"   [Aug-09-16 08:07AM  Business Wire]
▶ Kyocera posts 1Q profit   [Jul-28-16 05:03AM  AP]
▶ KYOCERA to Streamline U.S. Management Structure   [Jul-01-16 12:15AM  Business Wire]
▶ What Made the 2016 Trimester Average for NTJAX?   [May-16-16 09:08AM  Market Realist]
Financial statements of KYO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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